Financial crime is costing Americans more than ever before. The FBI's Internet Crime Complaint Center (IC3) recorded $16.6 billion in losses reported by victims in 2024, a 33% increase over 2023 and the highest figure in the center's 25-year history. Nearly 860,000 complaints were filed last year. The average loss per complaint came to just under $20,000.
The 2024 IC3 Annual Report covers every form of online financial crime submitted to the FBI. Investment fraud involving cryptocurrency accounted for the largest share of losses at more than $6.5 billion. Business email compromise, where criminals impersonate executives or vendors to redirect payments, has cost Americans close to $8.5 billion across the past three years, according to the FBI.
These numbers reflect only what was actually reported. Fraud that goes unreported, whether from embarrassment, uncertainty, or not knowing where to turn, never enters the count. The true total is likely higher.
The Federal Trade Commission tracks a broader range of fraud through its Consumer Sentinel Network. In 2024, consumers reported losing $12.5 billion to fraud, a 25% increase over 2023. The number of reports remained roughly stable. What changed was the share of people who actually lost money: 38% of fraud reporters said they suffered a financial loss in 2024, compared to 27% the year before.
Investment scams led the FTC's categories by dollar losses at $5.7 billion, up 24% from 2023. Imposter scams, where someone poses as a government agency, a bank, or a trusted family member, accounted for another $2.95 billion.
Americans over the age of 60 filed the most cybercrime complaints in 2024 and suffered the greatest financial losses, nearly $5 billion in total, according to the IC3 report. While older adults often have more assets to protect, they are also disproportionately targeted through tech-support scams, romance fraud, and fake investment platforms.
The FTC's Consumer Sentinel Network received more than 6.4 million reports in 2024. Identity theft was the second most common category and accounted for 18% of all reports.
More than 1.1 million identity theft reports were filed through IdentityTheft.gov in 2024, according to the FTC. Criminals used stolen personal information to open credit accounts, take over existing accounts, file fraudulent tax returns, and commit crimes in other people's names.
Although identity theft is still a major concern, it was replaced as the FTC’s most common complaint by credit bureau and financial data fraud. That shift reflects how broadly personal financial information is now being misused before a direct theft event occurs.
So, what can you do? The steps that consistently appear in Federal Trade Commission guidance are a short list. Monitor your financial accounts regularly. Use multi-factor authentication on email and financial logins. Place a credit freeze with the three major credit bureaus. Review your credit report at AnnualCreditReport.com at least once a year.
If you have aging parents, this is a conversation worth having. Older adults are disproportionately targeted, and a trusted family member who knows what to look for can make a real difference. Summer tens to provide good opportunities to sit down together and go over the basics: what accounts are open, who has access, and who would you call if something looked wrong.
Identity theft and cyber fraud are risks many people don’t think about until something goes wrong. Coverage caries widely across insurance policies, making it worthwhile to review your current protection with your advisor.
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